In brief - Effects to be felt by providers and consumers of
financial services and products
Businesses purchasing financial products or services will be
affected by the Future of Financial Advice (FOFA) reforms. The
reforms will also substantially impact the providers of such
products or services, including those businesses which may not even
be aware that according to the definition, they are financial
services providers.
Government reforms a response to big financial collapses during
the GFC
In July 2013, the government's FOFA reforms will become
mandatory for financial services providers. The reforms will impose
new obligations on financial services and product providers, while
granting greater protections to consumers, so the short answer to
the question in the title is "yes". The reforms will
impact upon insurance agencies, financial services licensees,
mortgage brokers and the clients of those institutions.
